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Greece pays off IMF debt ahead of schedule

Greece has repaid the last instalment of its debt to the International Monetary Fund (IMF) two years ahead of schedule, according to a tweet by its prime minister.

Prime Minister Kyriakos Mitsotakis expressed his delight as Greece paid its final chunk of 1.9 billion euros ($A2.7 billion) to the IMF, saying it was the “end of an era” for Greece.

He added that the country’s severe financial crisis in 2010 had been a “grey chapter” in its history, and one that “Greeks should not and will not live to see again.”

The IMF lent nearly 32 billion euros ($A46 billion) to Greece as part of its bailout after the country’s financial crisis began more than a decade ago.

The final repayment is seen as an important further step away from the crisis.

The last austerity and reform program in Greece ended in August 2018 – since then, Athens has increasingly been able to stand on its own two feet and borrow money on the capital market again.

Yields on 10-year Greek government bonds are currently around 2.5 per cent – at the height of the crisis in 2012, they climbed to more than 35 per cent for a time.

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